L
LouMM
Guest
Wondering if anyone can offer advice on our situation. We've had some bad history on our mortgage account but its all fully up to date etc now. We want to move soon & cant really find anything right now in the area we're looking in. We are in the very lucky position of being able to move into a relatives house rent free on a temporary basis. What I want to know is would we be less likely to get a mortgage if we have already sold our house? I heard somewhere that if you've closed off your mortgage (i.e sold the house & settled the outstanding amount) you are less likely to get a mortgage again (particularly given our poor record) We'd get about 250K for our house, mortgage outstanding is approx 80K and the houses we're looking at are approx 450K. Given both our salaries we'd easily get the amount we need in principal but I'm worried about the poor records. I really don't want to sell our house & then find we can't get a mortgage when it comes to buying anything new. Anyone got any opinion on this? Would it all be sorted more easily by getting formal mortgage approval from the building society & then using that as our basis?